OAKLAND, CA—Starwood Waypoint Residential Trust has completed the $101.3 million purchase of a non-performing loan pool from a money-center bank.
The non-performing loan portfolio is comprised of 494 non-performing first lien mortgages representing approximately $150.9 million of UPB and $158.2 million of estimated BPO value. The purchase price equates to 67.2% of UPB and 64.0% of BPO value. The transaction was funded with proceeds from a $350 million warehouse credit facility with Deutsche Bank A.G.
“We found the geography of this pool extremely attractive with roughly half of the loans located in two of our key target markets of California and Florida,” commented Brendan Brogan, SVP at Starwood Capital Group. “This is an exciting opportunity, and is representative of the type of high-quality portfolio we are seeking to acquire.”
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David Phillips
David Phillips is a Chicago-based freelance writer and consultant with more than 20 years experience in business and community news. He also has extensive reporting experience in the food manufacturing industry for national trade publications.
